Slides
Page 1
Corporate Presentation TSX: GAU NYSE AMERICAN : GAU EXECUTING ON OUR PLAN ADVANCING LONG- TERM GROWTH
Page 2
2GALIANO GOLD – CORPORATE PRESENTATION TSX: GAU NYSE AMERICAN: GAU FORWARD LOOKING INFORMATION & CAUTIONARY STATEMENTS • Certain statements and information contained in this presentation constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which we refer to collectively as “forward-looking statements”. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. • Forward-looking statements in this presentation include, but are not limited to: statements with respect to the five-year production and operational outlook for the AGM; production and cost guidance; the Company’s expectations regarding production, AISC, sustaining capital and development capital; estimated exploration expenditures for 2025 and the 2025 exploration program; the operating plans for the AGM and timing thereof; mine plan optimizations; operational improvements; pit wall pushback at Nkran and the timing thereof; sequencing of mining activities and the timing thereof; the merits of the AGM; commitment to health and safety; future exploration and exploration programs and the timing thereof; information regarding the plans and expectations of the Company; and related matters. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to: the Company proceeding with operating plans as currently anticipated; the Company proceeding with further exploration and exploration programs as currently anticipated; development plans and capital expenditures; the price of gold will not decline significantly or for a protracted period of time; the accuracy of the estimates and assumptions underlying mineral reserve and mineral resource estimates; the Company’s ability to raise sufficient funds from future equity financings to support its operations, and general business and economic conditions; the global financial markets and general economic conditions will be stable and prosperous in the future; the ability of the Company to comply with applicable governmental regulations and standards; the mining laws, tax laws and other laws in Ghana applicable to the AGM will not change, and there will be no imposition of additional exchange controls in Ghana; the success of the Company in implementing its development strategies and achieving its business objectives; the Company will continue to have sufficient working capital to fund its operations; and the key personnel of the Company will continue their employment. • The foregoing list of assumptions cannot be considered exhaustive. • Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and you are cautioned not to place undue reliance on forward-looking statements contained herein. Some of the risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements contained in this news release, include, but are not limited to: the mineral reserve and mineral resource estimates may change and may prove to be inaccurate; metallurgical recoveries may not be economically viable; LOM estimates are based on a number of factors and assumptions and may prove to be incorrect; actual production, costs, returns and other economic and financial performance may vary from the Company’s estimates in response to a variety of factors, many of which are not within the Company’s control; inflationary pressures and the effects thereof; the AGM has a limited operating history and is subject to risks associated with establishing new mining operations; sustained increases in costs, or decreases in the availability, of commodities consumed or otherwise used by the Company may adversely affect the Company; adverse geotechnical and geological conditions (including geotechnical failures) may result in operating delays and lower throughput or recovery, closures or damage to mine infrastructure; the ability of the Company to treat the number of tonnes planned, recover valuable materials, remove deleterious materials and process ore, concentrate and tailings as planned is dependent on a number of factors and assumptions which may not be present or occur as expected; the Company’s mineral properties may experience a loss of ore and the Company may experience lack of access to its mineral properties and other issues due to illegal mining activities; the Company’s operations may encounter delays in or losses of production due to equipment delays or the availability of equipment; outbreaks of COVID-19 and other infectious diseases may have a negative impact on global financial conditions, demand for commodities and supply chains and could adversely affect the Company’s business, financial condition and results of operations and the market price of the common shares of the Company; the Company’s operations are subject to continuously evolving legislation, compliance with which may be difficult, uneconomic or require significant expenditures; the Company may be unsuccessful in attracting and retaining key personnel; labour disruptions could adversely affect the Company’s operations; recoveries may be lower in the future and have a negative impact on the Company’s financial results; the lower recoveries may persist and be detrimental to the AGM and the Company; the Company’s business is subject to risks associated with operating in a foreign country; risks related to the Company’s use of contractors; the hazards and risks normally encountered in the exploration, development and production of gold; the Company’s operations are subject to environmental hazards and compliance with applicable environmental laws and regulations; the effects of climate change or extreme weather events may cause prolonged disruption to the delivery of essential commodities which could negatively affect production efficiency; the Company’s operations and workforce are exposed to health and safety risks; unexpected costs and delays related to, or the failure of the Company to obtain, necessary permits could impede the Company’s operations; the Company’s title to exploration, development and mining interests can be uncertain and may be contested; geotechnical risks associated with the design and operation of a mine and related civil structures; the Company’s properties may be subject to claims by various community stakeholders; risks related to limited access to infrastructure and water; risks associated with establishing new mining operations; the Company’s revenues are dependent on the market prices for gold, which have experienced significant recent fluctuations; the Company may not be able to secure additional financing when needed or on acceptable terms; the Company’s shareholders may be subject to future dilution; risks related to changes in interest rates and foreign currency exchange rates; risks relating to credit rating downgrades; changes to taxation laws applicable to the Company may affect the Company’s profitability and ability to repatriate funds; risks related to the Company’s internal controls over financial reporting and compliance with applicable accounting regulations and securities laws; risks related to information systems security threats; non- compliance with public disclosure obligations could have an adverse effect on the Company’s stock price; the carrying value of the Company’s assets may change and these assets may be subject to impairment charges; risks associated with changes in reporting standards; the Company may be liable for uninsured or partially insured losses; the Company may be subject to litigation; damage to the Company’s reputation could result in decreased investor confidence and increased challenges in developing and maintaining community relations which may have adverse effects on the business, results of operations and financial conditions of the Company and the Company’s share price; the Company may be unsuccessful in identifying targets for acquisition or completing suitable corporate transactions, and any such transactions may not be beneficial to the Company or its shareholders; the Company must compete with other mining companies and individuals for mining interests; the Company’s growth, future profitability and ability to obtain financing may be impacted by global financial conditions; the Company’s common shares may experience price and trading volume volatility; the Company has never paid dividends and does not expect to do so in the foreseeable future; the Company’s shareholders may be unable to sell significant quantities of the Company’s common shares into the public trading markets without a significant reduction in the price of its common shares, or at all; and the risk factors described under the heading “Risk Factors” in the Company’s Annual Information Form. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking statements, you are cautioned that this list is not exhaustive and there may be other factors that the Company has not identified. Furthermore, the Company undertakes no obligation to update or revise any forward-looking statements included in, or incorporated by reference in, this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law. • Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this presentation. • The exploration information contained in this presentation has been reviewed and approved by Mr. Chris Pettman, P.Geo, Vice President Exploration of Galiano. All other scientific and technical information contained in this presentation has been reviewed and approved by Ms. Victoria Addison, P.Eng., Director, Mining Planning of Galiano. Mr. Pettman and Ms. Addison are “Qualified Persons” as defined by National Instrument 43- 101, Standards of Disclosure for Mineral Projects. • All dollar amounts US$ unless otherwise stated.
Page 3
3GALIANO GOLD – CORPORATE PRESENTATIONTSX: GAU NYSE AMERICAN: GAU THE ASANKO GOLD MINE — AN ESTABLISHED PLATFORM FOR GROWTH 1. As of December 31, 2025. Mineral Reserves are reported at the point of delivery to the process plant or to stockpile. All tonnages are reported as diluted dry metric tonnes. Mineral Reserves are reported using the 2014 CIM Definition Standards. ASANKO GOLD MINE Land Package ~476 km² Processing Capacity 5.8 Mtpa Mineral Reserves¹ 2.0 Moz Au M&i Resources¹ 3.4 Moz @ 1.33 g/t 2026 Production Guidance 140–160 koz 2026 Aisc Guidance $2,300–$2,600/oz GROWTH AREAS Nkran • Esaase • Abore Ghana, West Africa Gold Producer in Africa Long-established gold mining industry Developed mining infrastructure Deep pool of local mining expertise #1
Page 4
4GALIANO GOLD – CORPORATE PRESENTATIONTSX: GAU NYSE AMERICAN: GAU CORPORATE SNAPSHOT 1. As of Sep. 9,2026 2. As of Aug. 31, 2026 3. Totalliquidity includes cash and cash equivalents of $80.0 million and $25.9 million of restricted cash as of Jun 30, 2026 (unaudited) and undrawn $75M RCF. 01. Capital Markets MARKET CAP ~US$586M¹ SHARES OUTSTANDING 261.4M INSTITUTIONAL OWNERSHIP ~76%² CASH & RESTRICTED CASH US$105.9M³ TOTAL LIQUIDITY US$180.9M³ Debt Free TSX / NYSE American: GAU • Index Inclusion: GDXJ / SGDM Vitaly Kononov 03. Analyst Coverage Raj Ray BMO Capital Markets Jeremy Hoy Canaccord Genuity Richard Gray Cormark Securities Bereket Berhe Beacon Securities Jonathan Guy Hannam & Partners Freedom Broker Heiko Ihle H.C. Wainwright 02. Top 5 Institutional Shareholders Donald Smith 10.1% BlackRock 9.56% Aegis Financial 5.40% Ruffer 4.97% Franklin Advisers 4.57%
Page 5
5GALIANO GOLD – CORPORATE PRESENTATIONTSX: GAU NYSE AMERICAN: GAU A CLEAR PATHTO HIGHER PRODUCTION & STRONGER CASH FLOW Free cash flow inflection and production growth on a single path. koz Execute & Invest 140–160 koz Guidance Investment Phase Nkran Development + Growth Investment Production Step-Up Cash Flow Inflection Positioned for Growth + Reducing AISC Higher-Grade Abore Ore Supports the Production Step-up. Stronger Free Cash Flow Higher-Grade Abore Ore. Hedges Roll off. 200 koz+ Potential Nkran Cut 3 Supports the Next Phase of Growth. Higher Free Cash Flow Higher-Grade Nkran Ore Enters the Mill. 2026 execution and investment establish the foundation for higher production and stronger cash flow. Illustrative directional profile only. 2026 production guidance represents current Company guidance. Longer-term production and cash flow profiles are illustrative and should not be interpreted as guidance. Longer Term Second Inflection2026 2027 2029+ Full-year Produced 2025 121
Page 6
6GALIANO GOLD – CORPORATE PRESENTATION TSX: GAU NYSE AMERICAN: GAU ON TRACK TO ACHIEVE 2026 GUIDANCE • Executing our plan while advancing long-term growth. Operational Execution 69.1 koz YTD. Zero Lost Time Injuries (LTIs) or Total Recordable Injuries (TRIs) in Q2. 11.0 million hours LTI-free. On track to achieve 2026 guidance. Strong Financial Position $105.9M cash balance¹. Debt-free balance sheet. Undrawn $75M RCF. $31.9M Q2 operating cash flow². Advancing Future Growth Nkran Cut 3 pre-stripping advanced, with 6.1 Mt of waste mined in Q2 (+30% vs. Q1). Invested $22.1M during Q2 ($35.6M YTD)². Advancing exploration at Esaase and Abore. Gold Produced 140–160 2026 FULL-YEAR PRODUCTION GUIDANCE Q1 2026 · 34.7 koz Q2 2026 · 34.4 koz Strong first-half execution supports 2026 guidance. AISC guidance maintained at $2,300–$2,600/oz. 1. Cash balance includes cash and cash equivalents of $80.0M and $25.9M of restricted cash as of June 30, 2026 (unaudited). 2. Operating cash flow before legal restrictions for the three months ended June 30, 2026 (unaudited). Q1 Q2 koz
Page 7
7GALIANO GOLD – CORPORATE PRESENTATION TSX: GAU NYSE AMERICAN: GAU ESAASE RESERVE EXPANSION: A KEY VALUE DRIVER SW NE Through Esaase Showing Inferred And Indicated Resource, Growth Potential At Various Gold Prices And Location Of Planned Conversion Drilling Long Section AGM’S LARGEST DEPOSIT 1.72 Moz Indicated & Inferred Mineral Resources. 532 koz Mineral Reserves. RAPID RESERVE GROWTH POTENTIAL Extensive historic drilling supports near- term Resource-to-Reserve conversion. Program targets conversion of Inferred Mineral Resources to the Indicated category. Designed to expand the Esaase open-pit Mineral Reserve and support evaluation of longer-term open-pit and underground opportunities. ACCELERATED & EXPANDED DRILLING Conversion drilling program complete (~32,918 m). Resource modelling underway. Updated Mineral Resource and Mineral Reserve estimates expected Q1 2027.
Page 8
8GALIANO GOLD – CORPORATE PRESENTATION TSX: GAU NYSE AMERICAN: GAU v Ore Zone Extensions Main pit ore shoot expanded ~95m further down dip to the north. South pit ore shoot expanded along strike to the south. Expanded Continuity ~200m of strong mineralization identified between Main pit ore shoot and the saddle zone. New High-Grade Zone High-grade intercept below the northern end of Main pit. Open for further drill testing. Deeper Step-Outs High-grade mineralization intersected up to 180m below Underground Resource. System remains open. Underground Exploration Adit Permitting now underway for development of an exploration adit. Pending external and internal approvals; construction start targeted for 2027. Abore : ADVANCING THE UNDERGROUND OPPORTUNITY ABORE UG UPDATE:CONTINUED GROWTH
Page 9
9GALIANO GOLD – CORPORATE PRESENTATIONTSX: GAU NYSE AMERICAN: GAU 1770 1133 1031 782 736 489 425 346 335 332 319 307 302 222 0 200 400 600 800 1000 1200 1400 1600 1800 2000 1.01 0.99 0.98 0.89 0.76 0.70 0.65 0.63 0.54 0.45 0.42 0.40 0.00 0.20 0.40 0.60 0.80 1.00 1.20EV / RESERVE (US$/oz) P/NAV (x) A CLEAR PATHTO LONG-TERM VALUE CREATION As of September 8, 2026 As of September 8, 2026 2026 Execute & Invest 140–160 koz Guidance 2027 Initiate Cash Flow Inflection Production Ramp Up Reduction in ASIC 2029+ 2nd Cash Flow Inflection Production > 200 koz Further Reduction in ASIC 2033+ Expansion of Mine Life Esaase Open Pit Abore/Nkran Underground Galiano trades at a relative discount across multiple valuation measures. Source: Capital IQ; Relative Valuation (EV/Reserve and P/NAV as of September 8, 2026. ~47% DISCOUNT VS PEER AVERAGE ~45% DISCOUNT VS PEER AVERAGE
Page 10
10GALIANO GOLD – CORPORATE PRESENTATIONTSX: GAU NYSE AMERICAN: GAU THANK YOU! INVESTOR RELATIONS info@galianogold.com GALIANO GOLD INC. galianogold.com STOCK EXCHANGES TSX: GAU NYSE American: GAU
Page 11
11GALIANO GOLD – CORPORATE PRESENTATIONTSX: GAU NYSE AMERICAN: GAU APPENDI X APPENDIX
Page 12
12GALIANO GOLD – CORPORATE PRESENTATIONTSX: GAU NYSE AMERICAN: GAU NON – IFRS MEASURES The Company has included certain non-IFRS performance measures in this presentation. These non-IFRS performance measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other issuers. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Refer to the Non-IFRS Measures section of Galiano’s Management’s Discussion and Analysis for an explanation of these measures. Management of the Company uses total cash costs per gold ounce sold to monitor the operating performance of the AGM. Total cash costs are calculated by taking production costs related to gold production, removing costs allocated to by-products and then adding royalties per ounce of gold sold. The Company has adopted the reporting of all-in sustaining costs (“AISC”) per gold ounce sold. AISC include total cash costs, mine site G&A expenses, sustaining capital expenditure, sustaining capitalized stripping costs, reclamation cost accretion and sustaining lease payments on mining and service lease agreements per ounce of gold sold. All-in Sustaining Costs per Gold Ounce Sold Total Cash Costs per Gold Ounce Sold Asanko Plant
Page 13
13GALIANO GOLD – CORPORATE PRESENTATIONTSX: GAU NYSE AMERICAN: GAU LEADERSHIP & BOARD OF DIRECTORS Leadership Team Matt Badylak PRESIDENT & CEO 20+ Years • Global Mining Operations & Execution Matt Freeman EVP & CFO 20+ Years • Mining Finance & Capital Allocation Michael Cardinaels EVP & COO 20+ Years • Operations & Project Delivery Charles Amoah EVP & MD, ASANKO GOLD GHANA 30+ Years • Ghana Operations & Stakeholder Relations Chris Pettman VP EXPLORATION 20+ Years • Exploration & Resource Growth Sean Gregersen VP CORPORATE DEVELOPMENT 15+ Years • Mining Engineering & Corporate Development Devon Thiara VP FINANCE 15+ Years • Finance, Reporting & Corporate Finance Kathy Li VP INVESTOR RELATIONS 20+ Years • Capital Markets & Investor Relations Adrian Milton VP SUSTAINABILITY 30+ Years • Sustainability, Permitting & Communities Paul N. Wright CHAIR 40+ Years • Mine Development, Operations & Governance Matt Badylak DIRECTOR & CEO 20+ Years • Global Mining Operations & Execution Judith Mosely DIRECTOR 20+ Years • Mining Finance & Capital Markets Dawn Moss DIRECTOR 25+ Years • Governance & Public-company Leadership Greg Martin DIRECTOR 25+ Years • Natural Resources Finance & Risk Moira Smith DIRECTOR 30+ Years • Geology, Exploration & Technical Oversight Navin Dyal DIRECTOR 20+ Years • Finance, Strategy & M&A Lauren Roberts DIRECTOR 35+ Years • Global Mining Operations & Technical Leadership Deep operational expertise with strong in-country leadership and experienced public-company governance. Board of Directors
Page 14
14GALIANO GOLD – CORPORATE PRESENTATIONTSX: GAU NYSE AMERICAN: GAU DEPOSIT PROVEN PROBABLE TOTAL PROVEN & PROBABLE Tonnes(Mt) Au Grade (g/t) Au Content (koz) Tonnes(Mt) Au Grade (g/t) Au Content (koz) Tonnes(Mt) Au Grade (g/t) Au Content (koz) NKRAN - - 10.6 1.67 570 10.6 1.67 570 ESAASE - - - 14.8 1.12 531 14.8 1.12 531 ABORE - - - 9.3 1.16 346 9.3 1.16 346 MIRADANI NORTH - - - 6.8 1.41 310 6.8 1.41 310 DYNAMITE HILL - - - 1.1 1.31 45 1.1 1.31 45 ADUBIASO - - - 1.5 1.39 67 1.5 1.39 67 MIDRAS SOUTH - - - 1.4 1.12 49 1.4 1.12 49 STOCKPILES 2.0 0.72 47 - - - 2.0 0.72 47 TOTAL RESERVES 2.0 0.72 47 45.5 1.31 1,918 47.5 1.29 1,965 AGM MINERAL RESERVE ESTIMATE 1.Mineral Reserves are reported at the point of delivery to the process plant or to stockpile. All tonnages are reported as di luted dry metric tonnes. Mineral Reserves are reported using the 2014 CIM Definition Standards. 2.The Nkran, Esaase, Abore and Stockpiles Mineral Reserves are stated as of December 31, 2025. The Adubiaso and Midras South are stated as of December 31, 2024. Miradani North and Dynamite Hill are stated as of December 31, 2022. 3.Mineral Reserves are reported based on gold prices of $1,900/oz for Esaase, $1,700/oz for Nkran, Abore, Adubiaso, Midras South, and $1,500/oz for Miradani North and Dynamite Hill. 4.Mineral Reserves for Adubiaso, Midras South, Miradani North and Dynamite Hill remain unchanged from the previous estimate dated December 31, 2024 and December 31, 2022. No new drilling, mining depletion, or other material information has occurred since that time. 5.Cut-off grades vary by deposit and oxidation. All cut -off grades are applied to the fully diluted gold grade. The Mineral Reserv es are reported at the following gold cut-off grades: 0.35 g/t for Nkran, 0.50 g/t for Abore, Miradani North, and Dynamite Hill, 0.60 g/t for Esaase, 0.40 g/t for Adubiaso and Midras South. 6.Mineral Reserves are defined within pit designs guided by pit shells derived from the optimization software, HxGN MinePlan’s Minesight Economic Planner, GEOVIA Whittle and Datamine Studio NPVS . 7.Mining costs vary by pit, rock type, and pit depth. The base mining costs for Nkran, Esaase, Miradani North, Abore, Dynamite Hill, Adubiaso and Midras South are $2.63/t, $2.26/t, $1.94/t, $2.03/t, $2.29/t, $2.03/t, and $2.03/t respectively. Additional costs include fixed mont hly contractor fees, grade control, community fees, owner’s mining general and administrative, and other minor costs that vary by deposit and are in addition to the stated unit costs. 8.Processing assumptions range in unit costs from $8.81/t ore to $11.52/t ore. 9.General and administration cost assumptions range in unit costs from $5.17/t to $6.69/t ore. Ore transportation cost varies for each pit based on the haul distance. It ranges between $0.61/t ore to $5.57/t ore. 10.Processing recovery assumes 0.10 g/t gold residual tails with a maximum of 94.0% for Nkran, Abore, Adubiaso, Midras South, Stockpiles and Esaase oxides. Processing recovery for Esaase transition and fresh ore vary by head grade and lithology, and average 76% for upper and central sandstones, and 72% for cobra. Processing recovery for Dynamite Hill and Miradani North assume flat 94.0%. 11.Mining dilution varies between pits, with average dilution ranging from 6.0% at Miradani North to 19.0% at Abore. Mining ore loss varies between pits, with average ore loss ranging from 2.0% at Miradani North to 11.7% at Midras South. 12.Mining ore loss varies between pits. The average mining ore loss is calculated to be 3.7%, 2.0%, 2.0%, 6.2%, 2.0%, 3.7% and 11.7%, for Nkran, Esaase, Miradani North, Abore, Dynamite Hill, Adubiaso and Midras South, respectively. 13.The overall strip ratio (the amount of waste tonnes mined for each tonne of ore) for the AGM is 7.4:1. The strip ratio for Nkran, Esaase, Miradani North, Abore, Dynamite Hill, Adubiaso and Midras South are 12.5, 6.2, 5.6, 4.5, 9.8, 9.3, and 6.9, respectively. 14.Figures are rounded to the appropriate level of precision for the reporting of Mineral Reserves. Due to rounding, some columns or rows may not compute as shown. 15.Mining cost inputs are in US$/t mined. All other unit cost inputs are US$/t ore. 16.Mr.Amri Sinuhaji, P.Eng.,Vice President TechnicalServices for Galiano Gold Inc., is the Qualified Person (as defined under NI 43-101) responsible for the Mineral Reserve estimates. 17.Factors that could change the mine plans or reduce the amount of the mineral reserves include: Unrecognized geological structures that may displace mineralized zones and force unanticipated changes to the mine plan, changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate. Mineral Reserve Notes As Of Dec 31, 2025
Page 15
15GALIANO GOLD – CORPORATE PRESENTATIONTSX: GAU NYSE AMERICAN: GAU AGM MINERAL RESOURCE ESTIMATE Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. Open pit Mineral Resources are inclusive of Mineral Reserves. All tonnages are reported as in situ dry tonnes on a 100% basis. See following page for complete Qualified Person and estimation notes. DEPOSIT MEASURED INDICATED MEASURED + INDICATED INFERRED Tonnes(Mt) Grade (G/T) Au Contained (Koz) Tonnes(Mt) Grade (G/T) Au Contained (Koz) Tonnes(Mt) Grade (G/T) Au Contained (Koz) Tonnes(Mt) Grade (G/T) Au Contained (Koz) Open Pit (“Op”) Mineral Resources Nkran — — — 10.8 1.73 602 10.8 1.73 602 2.1 1.02 70 Esaase — — — 33.0 1.19 1,266 33.0 1.19 1,266 12.2 1.15 449 Abore — — — 10.5 1.15 388 10.5 1.15 388 0.3 0.61 7 Miradani North — — — 7.9 1.39 352 7.9 1.39 352 2.9 1.30 122 1.02 162 4.9 1.02 162 1.4 1.06 48 Adubiaso — — — 2.6 1.36 113 2.6 1.36 113 0.4 0.76 10 DynamiteHill — — — 2.2 1.34 95 2.2 1.34 95 1.0 1.24 40 Asuadai — — — 1.6 1.23 64 1.6 1.23 64 0.1 1.29 4 Akwasiso — — — 1.4 1.16 52 1.4 1.16 52 0.2 1.28 9 Stockpiles 2.0 0.72 47 - - - 2.0 0.72 47 — — — Op Total 2.0 0.72 47 74.9 1.28 3,094 77.0 1.27 3,141 20.7 1.14 758 Underground (“Ug”) Mineral Resource Nkran — — — 1.8 2.79 164 1.8 2.79 164 4.3 2.61 360 Abore — — — 1.6 2.67 139 1.6 2.67 139 2.2 2.32 165 Ug Total — — — 3.4 2.74 303 3.4 2.74 303 6.5 2.52 525 Op And Ug Total 2.0 0.72 47 78.4 1.35 3,397 80.4 1.33 3,444 27.2 1.47 1,283 As Of Dec 31, 2025
Page 16
16 TSX: GAU NYSE AMERICAN: GAU 1. Mr. Eric Chen, P.Geo., Vice President Mineral Resources for Galiano Gold Inc., is the Qualified Person (as defined under NI 43-101) responsible for the open pit Mineral Resources statements of the Nkran, Esaase, Abore, Adubiaso, Akwasiso, Asuadai and Dynamite Hill deposits, and underground Mineral Resources statements of the Nkran and Abore deposits. Open pit Mineral Resources of Esaase and Adubiaso are reported within an optimized pit shell assuming a gold price of $2,400/oz and using various cut-off grades: 0.40 g/t gold in Oxides and 0.50 g/t gold in Transition and Fresh for Esaase, and 0.35 g/t gold for Adubiaso. Open pit Mineral Resources of Akwasiso, Asuadai and Dynamite Hill are reported within an optimized pit shell assuming a gold price of $1,800/oz and using cut-off grade of 0.45 g/t gold. Open pit Mineral Resources for Nkran and Abore are reported within the current reserve pit designs. Underground Mineral Resources of Nkran and Abore are reported below current reserve pit designs at 0 g/t cut-off grade of all materials contained inside MSO stopes, generated at 1.5 g/t gold economic cut- off grade, assuming a gold price of $2,400/oz. Metallurgical recovery of 94% is assumed for the Nkran, Adubiaso, Akwasiso, Asuadai and Dynamite Hill deposits. Metallurgical recovery for Abore assumes a constant tails grade of 0.10 g/t gold and capped at 94%. Metallurgical recovery for Esaase varies based on lithology and grade. 2. Mr.Ertan Uludag, P.Geo., Director Mineral Resources for Galiano Gold Inc., is the Qualified Person (as defined under NI 43-101) responsible for the Mineral Resources statements of the Midras South and Miradani North deposits. Mineral Resources of MidrasSoutharereportedwithinanoptimizedpitshellassumingagoldpriceof $2,400/oz and using a cut-off grade of 0.35 g/t gold. Mineral Resources of Miradani North are reported within an optimized pit shell assuming a gold price of $1,800/oz and using a cut-off grade of 0.45 g/t gold. Processing recovery assumes 0.10 g/t gold residual tails with a maximum of 94.0% for Midras South and Stockpiles. Processing recovery for Miradani North assumes flat 94.0%. 3. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Due to rounding, some columns or rows may not compute exactly as shown. 4. Open pit Mineral Resources are inclusive of Mineral Reserves. 5. All tonnages are reported as in situ dry tonnes. 6. All quantities are reported on a 100% basis. 7. Mineral Resources for Nkran, Esaase, Abore, Adubiaso, Midras South and Stockpiles are stated with an effective date of December 31, 2025. Mineral Resources for Miradani North, Akwasiso, Asuadai, and Dynamite Hill are stated with an effective date of December 31, 2022 AGM MINERAL RESOURCE ESTIMATE As Of Dec 31, 2025 Mineral Resource Notes
Page 17
17GALIANO GOLD – CORPORATE PRESENTATIONTSX: GAU NYSE AMERICAN: GAU Corporate Income Tax Rate 35% for mining (general rate 25%). Capital expenditure amortized over 5 years. Indirect Tax VAT – 20% (recoverable in most cases but not all). Free-carried Interest Government of Ghana 10% equity interest after all intercompany loans have been repaid (~$400M in loans o/s). Other Regulatory Matters Strict local content requirements (vendors, labour, etc). 30% of produced doré to be sold to Ghana Gold Board (20% for balance of 2026), at a discount of 0.55%. TAX / Ghana corporate tax regime Royalties And Levies (Based On Revenue) Sliding scale royalty between 5% to 12% with highest rate applicable when spot prices are above $4,500/oz. 1% Growth and Sustainability Levy (enacted until FY 2028). Withholding Taxes Charged on purchases from foreign suppliers; rates depend on country of domicile, and type of service, but typically range from 8% to 20%.
Page 18
TSX: GAU NYSE American: GAU